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Every investor would love to stumble upon the perfect stock. But will you ever really find a stock that provides everything you could possibly want?

One thing's for sure: You'll never discover truly great investments unless you actively look for them. Let's discuss the ideal qualities of a perfect stock and then decide whether Petroleo Brasileiro fits the bill.

The quest for perfectionStocks that look great based on one factor may prove horrible elsewhere, making due diligence a crucial part of your investing research. The best stocks excel in many different areas, including these important factors:

Growth. Expanding businesses show healthy revenue growth. While past growth is no guarantee that revenue will keep rising, it's certainly a better sign than a stagnant top line.

Margins. Higher sales mean nothing if a company can't produce profits from them. Strong margins ensure that company can turn revenue into profit.

Balance sheet. At debt-laden companies, banks and bondholders compete with shareholders for management's attention. Companies with strong balance sheets don't have to worry about the distraction of debt.

Moneymaking opportunities. Return on equity helps measure how well a company is finding opportunities to turn its resources into profitable business endeavors.

Valuation. You can't afford to pay too much for even the best companies. By using normalized figures, you can see how a stock's simple earnings multiple fits into a longer-term context.

Dividends. For tangible proof of profits, a check to shareholders every three months can't be beat. Companies with solid dividends and strong commitments to increasing payouts treat shareholders well.

Since we looked at Petrobras last year, the company has plunged 3 points, with weaker margins and balance sheet hurting its score. The stock has also suffered since we last looked at the stock, losing nearly half its value over the past year.

Petrobras in particular suffers from the fact that many of its most promising resources are in hard-to-reach areas offshore. As a result, it needs very high oil prices to justify the costs involved, and with massive debt approaching the $100 billion mark, the company has to be aware of financing costs that have sapped its bottom-line strength lately.

As a result, Petrobras has taken some drastic measures. Earlier this month, it announced that it would cut its dividend by more than half. The move will preserve cash to continue its ambitious investment plans, but it also shows the vulnerability of the company to current market conditions.

Problems at Petrobras could have a ripple effect across the industry. General Electric has counted on its budding relationship with the oil giant to advance its own oil business, and deepwater drilling companies Seadrill and Transocean have both provided rigs for Petrobras projects. All of those companies are in danger of taking a hit if Petrobras can't recover quickly.

For Petrobras to improve, it needs to do a better job developing its huge wealth of offshore resources. Combined with efforts to bring the Brazilian economy back to strength, Petrobras has plenty of potential to get back toward perfection in the years ahead.

Keep searchingNo stock is a sure thing, but some stocks are a lot closer to perfect than others. By looking for the perfect stock, you'll go a long way toward improving your investing prowess and learning how to separate out the best investments from the rest.

If you're an energy investor looking for exciting opportunities, then you should look more closely at Seadrill. To learn more about the strengths and weaknesses of this company, as well as what to expect from Seadrill going forward, be sure to check out this brand-new premium report put together by one of our top Stock Advisor analysts. Click here to get started.

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